Why Proactive Security is the Missing Piece for Web3 Adoption

Why Proactive Security is the Missing Piece for Web3 Adoption

Introduction

As the world embraces decentralized technologies and the promise of Web3, security concerns remain a significant barrier to widespread adoption. With a growing number of high-profile hacks and exploits in the blockchain ecosystem, ensuring the safety of users and their digital assets is paramount. This article discusses the importance of proactive security, specifically anomaly detection, and how it can be the missing piece for driving Web3 adoption.

The Importance of Anomaly Detection for Web3 Security

Anomaly detection systems are critical in identifying and addressing adversarial behaviors within blockchain networks. These security systems continuously monitor the network through various detection models, such as generative architectures, classification-based models, clustering-based models, nearest neighbor models, statistical and analytical models, and reinforcement learning-based models. Although quite complicated, these are various systems that classify and compare data using machine learning. By monitoring the blockchain in real-time, block-for-block, through these detection models, Cyvers efficiently detects anomalies within an actionable timeframe and can therefore prevent hacks from occurring. Such anomaly detection models Cyvers has built help safeguard and protect the integrity and security of Web3.

Addressing the Unique Challenges of Web3 Security

The decentralized nature of blockchain networks presents issues such as smart contract hacking and exploits. Decentralized applications get hacked in a wide variety of ways. Still, it is undoubtedly the transparent nature of the blockchain and the smart contracts which make them so vulnerable to outside interference. However, transparency is a “double-edged sword”. It opens the doors for exploits but also for proactive security solutions that scan, detect, and thereby prevent hacks from occurring. 

Pioneering Solutions for Real-time Smart Contract Monitoring

Constant innovative solution addressing the security challenges in Web3 is a must. Recent years have seen tremendous “innovation” from hackers, and security has lagged behind. Cyvers can detect and prevent blockchain hacks using topological AI and geometric machine learning, ensuring smart contracts' integrity and protecting user assets. At the same time, these AI detection and anomaly models are constantly improved with new data, examples, and training. In one sense, this is how we fight against the constant innovation from hackers. Cyvers' advanced anomaly detection capabilities help address the unique challenges faced in blockchain networks, something which has caused billions in losses in the last years. 

Prevent Hacks with Proactive Security

Proactive security refers to the approach of anticipating, identifying, and mitigating potential threats and vulnerabilities before they can be exploited or cause harm to a system, network, or application. This approach contrasts reactive security, where measures are taken only after an attack or breach has occurred, or passive security, whereby one thinks one audit pre-deployment is enough. 

When you integrate Cyvers’s active run-time security solution, you typically set up the wallet addresses you need monitoring for.

This is how it works step-by-step: 

  1. Add smart contracts & wallets to the Cyvers application. 
  2. Get active run-time statistics (now the solution is monitoring 24/7).
  3. Set up alerts for the specific behaviors needed to address. 
  4. Automatically monitor all incoming and outgoing activities.

It is really that simple. Doing the first step in this step-by-step guide can mean everything for your DApp.

When a hacker attempts to exploit a vulnerability in your smart contracts or perform a flash loan attack, this is how the prevention would look like:

  1. The hacker initiates the deployment of a malicious smart contract on the Ethereum blockchain. 
  2. Before the deployment is added to the blockchain itself, it can already be detected by the Cyvers application.
  3. The Cyvers application initiates an alert about malicious activity on the DApps smart contracts and or the blockchain itself. 
  4. With the alert, you are now notified in time and can act even before (depending on how fast) the deployment of the malicious smart contract itself and before the hacker steals the funds. 

These 4 steps may sound too good to be true, but Cyvers now has countless actionable and provable examples. This is the power of Cyvers’s proactive security. 

Conclusion

Proactive security, particularly through anomaly detection, is essential for unlocking the full potential of Web3 and driving its adoption. By prioritizing real-time monitoring and leveraging innovative solutions like Cyvers, the Web3 community can build a more resilient and trustworthy ecosystem that attracts new users and enables a decentralized future. As we continue to advance Web3 technologies, it is crucial to remember that security is not an afterthought but a foundational element defining the success of this transformative movement we call Web3. 

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